Thursday, May 29, 2008

Futures trading is complicated, so complicated that there is an entire commission devoted to overseeing it. We'll get back to that later.

In this pretend game of Futures Trading we have four players: Drew the Driller, Ben the Banker, Ike the Investor, and Ron the Refiner. Drew the Driller ships oil overseas, and as soon as he knows how much he is going to ship he calls Ben the Banker to buy it. Ben offers to buy it at the expected future price of, say, $120 per barrel. Drew happily accepts.

Ben now holds a contract for oil at the Future price of $120 per barrel. Ike the Investor hears about Ben's Futures, and thinks the actual future price will be $125 per barrel. He is willing to bet on this, so he calls Ben and offers to buy it at $122 per barrel. Ben accepts, having just made $2 per barrel for doing almost nothing with extremely low risk. The day finally comes when the oil actually arrives at port and is ready to be sold. Ike the Investor is required to sell it. Ron the Refiner needs as much crude oil as he can get--refineries are already operating at only 84% capacity and he cannot afford to further reduce his supply. Ike the Investor offers it at $125, and he grudgingly accepts.

This is how institutional investors drive the cost of oil up. In our fictitious and oversimplified scenario, the Refiner paid $5 more than the Importer received, to people who had nothing to do with the production of oil. I suspect the actual amount of money going into investor's pockets is more than $5 per barrel, but the government is too busy pretending the problem doesn't exist to publish any facts on this.

This same speculation is happening in food markets, aided by increased competition from biofuels companies, who are reaping more profits due to the relative high price of oil. This is increasing inflation and putting all of us at risk for an economic downturn. I'm not sure I have all of my facts straight, or if I really even get how Futures work, but I've done some research on the subject and this is what I've come up with:

Oil Futures & Speculation FAQ

Who Regulates Futures Trading? The Commodity Futures Trading Commission (CFTC), which is a lot like the SEC (only not).

What is the CFCT doing about it? Worse than "doing nothing," the CFTC is contributing to the problem by regulating institutional investors as if they are commercial buyers. That means Ben the Banker and Ike the Investor follow the same rules Drew the Driller buys, even though Ben and Ike are "speculating" and Drew actually needs the oil.

Who are these idiots at the CFCT?

The CFTC Chairman is Walter Lukken, a lawyer appointed by President Bush. He is not an economist. He has no previous experience in oil futures trading.

Why would these idiots want to protect institutional investors?

They think they are preventing a Great Depression. Institutional Investors suffered massive losses due to inflation in the real estate market, and if they don't start making money the USA will not have the credit/funding necessary to continue growth, and we'll all fall apart.

What they seem to be ignoring is the glaringly obvious fact that by allowing investors to inflate oil and food, they are contributing to inflation and increasing our risk of entering a depression. I think they are just scared, and doing nothing seems safer than the drastic tinkering of financial markets that is necessary to restore sanity to the Futures markets.

But I thought this was all caused by decreased oil and food supply while demand increases?

It is. Sorta. Kinda. Investors are drawn to these markets because the increased demand and reduced supply = price increases, so Commodities Futures are considered low risk. However, it is the competition among investors to buy these commodities contracts that is driving up prices further than they would if they would fuck off and let supply/demand determine the price.

What can we do?

Well, both politicians and the media seem content to ignore the problem. The only article I could find that implies the CFTC is full of shit was published in the UK. The US version of the same testimony, also published by Reuters, simply states and affirms the CFTC's position. If you want to be REALLY daring, tell everyone you know that the federal government is allowing banks to profit at the pump.

Is that ALL I can do?

There are many news reports of people stockpiling food and fuel. This is actually a good idea politically, and possibly a bad idea for your pocketbook.

You see, the more people stockpile the lower future demand will be. Remember when I said increased demand was drawing investors? Knowing demand is going down will cause them to flee from the markets, and while they whine to congress for Relief we will benefit from low food prices. The $4 bags of flour in your pantry may seem silly when it's on sale for $1, but you can feel good knowing your stockpiling fucked with the market enough to make a difference.

It's also a great time to BUY LOCAL and REDUCE YOUR SPENDING ON NEW GOODS.

Over the holiday weekend I indulged in white flour goodies from buttermilk biscuits to bread pudding, and after squeezing into my work slacks on Tuesday I decided it was time to go back to the wholesome fibery goodness of whole grains. My resolve is so intense last night I made a vegan one-pot dish of brown rice, tofu, garbanzo beans, sweet onions and swiss chard in a light curry sauce. Yum.

Matt has also been on a fiber kick, and was in need of something to supplement his morning oatmeal when he doesn't have 5 minutes to spare to prepare it. Buttermilk biscuits, even with whole wheat, are not the healthiest breakfast treat* but they are an improvement over his old diet of gooey Lean Pockets, breaded Tyson Chicken or baked crab cakes (yes, I am still talking about breakfast). It's difficult to wake up with a man who will eat neither cold cereal nor fruit.

I found this recipe on Recipe Czar, and it needs a bit of adaptation. The original recipe calls for 1 teaspoon. salt, way too much for 6 - 8 biscuits. I compromised at 3/4 teaspoon and still could taste the salt, 1/2 teaspoon is just right for one batch of biscuits.

The recipe also calls for baking at 450 degrees for 10 - 12 minutes until golden brown. At 10 minutes it was not golden brown, so I waited until the full 12 only to discover it is golden brown on top but dark brown and crunchy on bottom. This left me with biscuits unworthy of a photograph for this blog entry, but I am fairly certain 400 degrees for 12 minutes would have solved the problem. Watch closely.

Preheat your oven to 400 degrees F. Lightly grease a cookie sheet. Mix your dry ingredients together, then cut in very cold butter. I use a KitchenAid stand mixer for cutting, but a food processor or a manual pastry cutter would work just fine. Once the butter is in tiny bits no larger than 1/4" inch, add buttermilk and gently stir until just combined.

Drop dough on heavily floured surface. With floured hands, gently pat it down to about 1/2". Fold dough over, pat down again until about 3/4". Tear off circularish biscuits, cut into square biscuits, or use a round cookie cutter. Place on greased cookie sheet, melt a little bit of extra butter and brush it on (I actually gently rub in on to my fingertips...my dog ate my pastry brush). Bake at 400 degrees until the tops begin to golden, promptly move to a cooling rack or plate to prevent bottoms from browning. After they have cooled, they can be stored in a covered dish in the fridge for 3 - 4 days.

*I am trying to come up with a healthier, high fiber breakfast treat. I am putting together a recipe for a whole wheat cinnamon swirl bread that uses an azuki (red bean) paste for the cinnamon swirl and contains oats for extra fiber.

Monday, May 26, 2008

Many people have had traumatic childhood experiences related to bread pudding or its first cousin, rice pudding. These memories start with the promise of "dessert" and end when Aunt Mae places a sloppy, milky mush of barely sweet, flavorless goo before you. Your horror intensifies when you discover sticky raisins floating between globs of...pudding? This is PUDDING???

Bread pudding doesn't have to suck. It can, but it doesn't have to. The secret to awesome bread pudding is a thick, dense bread that will hold some of its texture (day old french bread is perfect), plenty of vanilla, and a delicious sauce.

With the right ingredients, bread pudding can be as decadent as creme brulee without as much fuss. The ingredients are really flexible--in the recipe below I use real cream and milk because I happened to have it on hand, but if you google it you can find bread pudding bases with various combinations of milk, evaporated milk, and butter.

I've added tart berries to my recipe in the form of dried blueberries (hand plucked from my muesli...I've never been a fan of dried fruit in cereal) and fresh bing cherries. The sauce is given some additional sour properties with a citrus liquor, Cointreau, and these sour notes are balanced with generous spices. A variation of this recipe using dried cranberries and spiced cherry liquor would make a perfect holiday dessert.

If you are using your oven, preheat to 300 degrees (pressure cooker directions to follow). In your mixer, beat 3 eggs. Add sugar, beat until dissolved. Add milk, cream, vanilla and spices and beat until smooth and blended.

Slice bread into 1" cubes, sprinkle dried blueberries over the bread, and pour cream sauce over bread in 1/5 quart casserole dish. Bread will float; put a plate or lid over the dish or gently push down to help it absorb the liquid. Allow 10 minutes for it to soak in. Bake at 300 degrees for 45 minutes, or get it all done in 20 minutes using your pressure cooker.

Pressure cooker: place a trivet or steaming plate at the bottom of the cooker, add 2 cups liquid. Make two long ropes of tin foil, cross them like an "x" beneath your casserole dish and use the ends as handles so you can easily lift the casserole dish in and out of the pressure cooker like this:

Crossing each rope like an "x" is crucial for stability. Cut a square section of tin foil for the lid, lightly grease a circle the size of your dish with butter. Tightly secure the lid onto the dish, then lift it into the pressure cooker.

Heat on high until the pressure thingy starts to rock, then reduce to about medium high so that it is gently rocking. Cook for 10 minutes, allow to cool. If desired, place your dish on a cookie sheet and place it in the broiler for a minute or two to brown the tops.

To prepare the cherry sauce, crush your cherries flat using the side of a heavy knife. Once crushed it is easy to remove seed and stems by hand. Lightly chop your cleaned cherries, then divide into equal portions.

Simmer half your cherries with Cointreau, sugar and ginger for just a minute or two until the sugar is dissolved. Set aside. In a separate sauce pan, heat cream until simmering, whisking constantly. Add two egg yolks, stir until dissolved. Add hot cherries, stir until simmered and then reduce heat. Add your reserved fresh cherries.

Friday, May 23, 2008

First it was the buttermilk biscuits for dinner, then it was the bagel for breakfast (cuz it was free), the bagel for lunch (still free, and I hate driving in the rain), the afternoon birthday cake (I can't say no to homemade cake), and now it is papardelle pasta and white bread served with mushrooms and mozzarella. My tummy feels so full I'm convinced all of these starches formed a wad of gluey crap that is simply stuck in my stomach...this protruding gut will eventually go down, right?

Thyme Lemon Chicken Papardelle warrants a flavorful side dish. I chose Orangette's Sliced Mushrooms with Mozzarella and Thyme dish (adapted from Jamie Oliver), served of course with a large heel of bread.

Throw all ingredients into the pressure cooker with the chicken. If you are garnishing with feta, add a dash of honey so the finished product is not too sour. Allow the pressure cooker to heat, cook for 1 minute, then remove from heat. Start water boiling for pasta.

Chicken will be cooled in about 10 - 15 minutes. Remove the lid, add a splash of wine, generous pepper, and a little more thyme to replace the flavor lost in the steam. If you like a nice saucy texture, mash 1 tablespooon of corn starch into equal parts butter to form a paste. Heat chicken back up to a light boil, add paste, and stir constantly. Sauce will thicken once cooled. Enjoy.

The streets are literally overflowing with bing cherries in California, or at least the intersection of Harbor Blvd and the 22 Fwy is: that is where you can find a very pleasant Latina hocking fresh bags of bing cherries to sweltering-hot motorists for $5 a pop. I tried to change lanes to toss her some cash so I could partake in the seasonal abundance, but this intersection is a bitch and since Matt does not eat fruit and I don't particularly love cherries, even if they are ripe and fresh off the tree and looking so darn cute all bagged up...all last weekend I debated going back to that intersection for the fresh cherries despite my misgivings, but then I made a trip to the grocery store had an overflowing table of cherries they were trying to clear out for $2.50 per bag. Niiiiice. (no wonder that Latina lady was so well dressed)

That was last weekend, when it was so hot I thought I just *might* ignore my dislike of tart, fresh cherries just so I could bite into something ice cold. This weekend we're expecting rain, thunderstorms, and hours spent cuddling under fuzzy blankets (hey, it's not worth relighting the heater for two days of cold, and even if I wanted a fireplace I can't have one). When I stare at the unopened bag of cherries in the fridge I feel like I was suckered into the Tickle-Me-Elmo of seasonal produce: I bought them because they are in season and everyone else was buying them and they looked so damn red and pretty, but now I have no idea what to do with fresh cherries. Warm cherry pie seems nice in theory, but I loathe cherry pie and cherry pie fillings. I do like cherries in chocolate, where the tartness is more subtle. I'm hoping I can find (or think of) an easy way to serve them with a rich dark chocolate and maybe a few almonds...maybe some kind of warm chocolate bread pudding with cherries? Stay tuned.

. . .

California streets are also overflowing with homosexuals flush with the news that they may marry soon, giving them the same right to the legal status of "married" as every other Californian. Today, the LA Times is scaring the gay community into believing that the unexpected victory may be overturned because a majority is against the court ruling and in favor of a constitutional amendment.

I haven't figured out how the new constitutional amendment is different from the old constitutional amendment that the courts overturned, but I am appalled at how quickly the tyranny of the majority flexes its muscles and jumps to overturn the court-ordered protections on minority rights. Marriage is, above all else, a LEGAL status that entitles both spouses to a whole host of rights and privileges enjoyed by no single adults. My 401(k) now belongs to my husband if I die; I had my sister as beneficiary but now that I am married, my husband has to waive his rights to my 401(k) in the presence of a notary public in order for me to bequeath my (our?) retirement money to another individual. This is only one tiny example: married people enjoy a legally secure partnership unparalleled by any other form of union, and I see no reason why this security should not be available to any two individuals who choose to commit to each other.

I also find it ironic that many opponents of same sex marriage believe they are protecting the decaying institution of marriage. Marriage is a lifelong commitment between two individuals to love and support each other, a partnership, a legal entwining of two lives that provides a sense of security that is deeply emotionally satisfying. Unfortunately, marriage (and divorce) has become insanely easy for heterosexuals, so easy that we make and break marriages at alarming rates. No one knows how important and valuable this institution is better than homosexuals, because they have been deprived this right and know what it is like to spend a lifetime without the security of the legal protections marriage provides. I have a feeling this exercise in considering the meaning of marriage will help us all remember just how important and valuable it is, and in recognition of that I hope we have the wisdom to impart this right on all citizens regardless of sexual orientation.

Matt doesn't blog, so like any good wife sometimes I have to step up to the plate and put his wisdom out there:

Matt: Honestly, it's just a bunch of old men (Ford, Speilberg, Lucas) trying desperately to prove to themselves that they are still relevant, but instead are proving how utterly outdated their style and lines of thought are.

Today, audiences have been saturated by thin, illogical plot lines, cheesy snappy one liners, and ridiculous action scenes where a fat guy, or a paper thin girl can easily defeat an army of muscle bound fighters. And we are SICK of it.

And all they want to do is shovel all of these things that we are sick of in an ultra-concentrated form (Indi 4) and expect us to scarf it up for the sake of "nostalgia."

Emily Gould, you are my hero. It's tough to be mistaken for one who loves to be hated by those who love to hate you, but you have come out on top, especially among those who did not know your name before this article (me).

P.S. Josh Stein is an asshole, but not as much as Nick Denton. I don't even love to hate him, I'm just going to make today my first and last visit to Gawker so I never have to read his ugly hateful words again. Douche.

It's good to know people who know people in Kensington, NH who bottle their own maple syrup. The bottle I'm nursing was likely tapped in early spring of this year, when the trees give a light amber syrup with a very delicate flavor.

I've been enjoying my delicate maple syrup with a recipe I stole from Jamba Juice's new "breakfast" bowls: plain yogurt, muesli, blueberrys and/or bananas, and a small spoon of peanut butter. A touch of maple and sweetness makes this an awesome meal. As healthy and satisfying as this is, tonight I discovered the PERFECT combination for my grade A light maple syrup: homemade buttermilk biscuits. Against this blank, salty canvas the delicate maple flavor truly stands out without overpowering the buttery biscuit, it's absolutely divine.

I used this recipe from the Food Network, which Matt has made himself once or twice. I used my shiny new empire red stand mixer, and while I usually give up cutting the pastry at about 1/8" = 1/4" morsels I let the mixer bring it all the way to "course crumbs" as the recipe said. I folded it by hand, which was messy and pointless: a large flat spatula does better folding. I also rolled it out, and again felt silly: they did not get enough rise because I'd overworked and compressed the dough. That's what I get for following the directions.

Next time I will leave the rolling pin out of the equation, and will probably try this recipe that uses real butter later this week. I will be using the leftover buttermilk for homemade pancakes and ranch dressing. Yum.

Add onions to a hot frying pan with a small amount of oil (I prefer to spray the onions and pan with EVOO). Allow to sizzle for 10 - 20 seconds, then reduce heat to very low. Cook onions for about 5 minutes total, stirring occassionally.

Meanwhile, slice zuccinini into small 1/2 pieces. If using full size zuccini, cut lengthwise into quarters before slicing. Place in a bowl with about 1" water, microwave for 3 - 4 minutes until flesh starts to become transluscent.

Add panang tuna packet to hot onions, stir and break up large pieces of tuna. Add zuccini and cooked brown rice. Add seasoning as desired (I like a dash of sesame oil, chili oil, and soy sauce). Add the spinach last, stirring just long enough for the spinach to get slightly glossy.

Everyone falls somewhere on the matrix. Either you are actively managing your diet, and choosing to put either healthy or unhealthy food in your mouth, or you are taking a backseat approach to eating and are either receiving healthy or unhealthy food. Where you end up is a result of psychological, social, and cultural factors.

It's interesting to ponder how different factors influence an individuals placement on this matrix. Why do some choose to actively control everything they eat, while others simply pull in to the first drive-thru they see? Why are some people constantly experimenting with the latest and greatest health craze while others sit back and finish their bag of Cheetos? Do eating disorders count as "active" because it is a controlled regimine, or should they be moved over to "passive" because it is the disease that controls the eating and not the individual?

In retrospect the end result of my pressure cooker tofu experiment seems so obvious: the pressure cooker forces moisture into your food, and adding moisture to firm tofu gives it a silken, rubbery texture. I prefer my tofu sautéed until firm and flavorful, and I normally sprinkle a little bit of water to reduce the amount of oil needed for the tofu absorb the flavor of its sauce. In the pressure cooker you need more than a sprinkle of water to keep your pan from drying out, and all of the garlic and mustard I was attempting to impart on the tofu was lost in the mix.

The recipe I was trying is actually quite simple: lightly pan fry 12 ounces of tofu in a mixture of sesame oil, 1 - 2 T. dijon mustard, a splash of red wine and a splash of Worchestershire sauce (available for vegans). The tofu is acrid until you add baked beans, either vegetarian or "pork & beans." I like to let some of the sauce drain out before I add the beans. The pungent tofu mixes perfectly with sweet baked beans for a well-balanced dish. I add a package of steamed sliced baby zucchini to the finished product and top it with crunchy French fried onions.

Speaking of zucchini, that was another pressure cooker failure. The pressure cooker enhances the natural flavor or your vegetables, and zucchini is usually naturally slightly bitter (even baby zucchini). This bitterness is toned down by conventional steaming/boiling, but the pressure cooker really brings it out. I am definitely going to try summer squash or pan squash in the pressure cooker--these squash are sweeter than zucchini and I really think the cooker will bring the sweetness out.

Along with that retained flavor comes retained nutrients, but fortunately I know a shortcut to rid of the bitterness without losing all of the nutrients to stovetop boiling. According to this article in the NY Times:

I'm so glad I found that quote just in time to confess that I almost always microwave my vegetables in a bowl with a little bit of water and a paper towel on top for about 3 - 4 minutes for 16 ounces of vegetables. I recently discovered that breakfast potatoes can be made in record time by throwing a few baby potatoes into the microwave for a few minutes, then slicing them up and adding them to sauteed onions. The best texture is achieved by microwaving whole and not adding any water so it comes out like a slightly underdone baked potato. Add microwaved zuccini, 2 eggs and some thyme for a complete breakfast for 2 that is not loaded with cholesterol.

Speaking of adding a little fat to your veggies, the article also notes that avocado and full-fat dressings are the key to absorbing fat soluble nutrients when you eat your veggies. Not all fats are created equal: I'm a good fan of grapeseed oil, which has a profile similar to olive oil but has a more neutral flavor that is easier to blend with whatever spices you choose. I also believe a touch of umami, or a savory seasoning, is also key to loving your veggies without overloading on sodium or fat. My favorite source of umami is Worchestershire sauce, which is relatively low in sodium, MSG-free, and available in organic and vegan versions.

Tuesday, May 20, 2008

Wow. I haven't loved kale so much since I first had kale with sesame tahini sauce at The Veggie Grill in Irvine. Prior to that I was a firm believer that kale siwas simply too nutritious to be enjoyed, like quinoa. But the Veggie Grill taught me there was something more to kale: when cooked properly and well seasoned, it has a delectable flavor and a texture far superior to spinach.

My brother's latest health food kick is a macrobiotic diet, and the center of his nutritious lifestyle is a borrowed pressure cooker. My mother thought he ought to own one himself, but before she could send him his new pressure cooker he decided to give up his Brooklyn loft and couch surf indefinitely. She decided to regift the pressure cooker as my wedding present. I admit I was skeptical at first, but if I only ever make kale with it I will never regret owning this low tech pot.

I do not have the recipe that The Veggie Grill uses, but I think I've mastered the flavor elements necessary for decent kale: something sweet, something umami (savory), something acidic to soften the texture, and a touch of seasoning. I used a generous splash of worchester sauce, about 1 T. red wine, 1 t. honey, 1 clove garlic, a pile of ginger the size of the clove of garlic, about 1/2 t of soy sauce, and 1 t. sesame oil. Add 1 cup of water to this, place your kale in the pressure cooker (without the steamer plate) and pour the savory liquid over the kale. Once the pressure cooker has heated, allow to cook for 2 - 3 minutes and then cool.

All assumptions on the future of the global energy market assume growth in per capita energy demand, and I do not understand the basis for this assumption. In the 20th century, electronic computers and appliances increased faster than energy technology. Now newer devices use a fraction of the energy of older devices. Consumers are becoming more aware of concepts like phantom power, or energy used by appliances that are plugged in but "off," a problem easily solved by switching off power strips.

In the near future, electronic devices will use flash memory to remember settings instead of constantly draining power. The home PC will be networked with the home's electrical system to manage energy use and switch off lights on demand. Light bulbs will continue to drain less, heating and cooling systems will continue to be more efficient, dual pane windows will replace inefficient single pane windows, and small devices such as cell phones and cameras will operate on reduced energy to meet consumer demand for long battery life.

At the same time, the direct cost of energy will continue to increase. The indirect costs have been high for quite some time, especially increased medical costs for asthma, cancer, and other medical conditions correlated with point source pollution from power plants. Increases in oil prices are making it possible for alternative energy to break even. Off-shore wind farms are looking increasingly promising. Fluor recently signed a 1.8 billion dollar contract with a Scotland-based corporation to build the largest off-shore wind farm in the world, a 500 MW plant off of England's Suffolk coast. It's only a matter of time before alternative energy projects of this scale reach our shores.

Monday, May 19, 2008

If you are planning a garden remodel and looking for inspiration or focal points, pay a visit to The Garden Gallery in Old Towne Orange. The gallery itself is one expansive patio without a single square foot of turf--an excellent example of elegant, drought-tolerant gardening. A paved path winds through a sea of pea gravel with beautiful container pots and sculptures, an awesome visual effect that can be recreated in the typical tiny Southern Californian yard.

Part of what makes the the dry, grass-free patio gallery feel so lush is the huge inventory of ceramic pot fountains currently on display, most handcrafted on site by artist Richard Gudin:

Some of the more affordable fountains are made from mass-manufactured ceramic pots converted to fountains by Richard. The effect is not quite as artistic, but $240 fits a lot easier into my budget than $700 - 1,000. Unfortunately, Matt is not as enthusiastic about a garden fountain as I am, and with our recent wedding and newly formed commitment to joint spending/saving the ceramic pot fountain is going to have to remain a mental note until next spring.

As my boss always reminds me, every time you hear "we can't" it's an opportunity for innovation. I can't have an artistic container fountain, but I CAN build one, right? Our yard has been a dust bowl for months, and we're finally putting in our own sea of pea gravel and seeding a small section of grass this weekend. It's the perfect time to plan for a water feature, and the internet is overflowing with helpful tips. All I need are:

Electricity

A powerful pump

Small quantity of hose

An object to convert into a fountain

I thought of ripping off Richard's artistry entirely by making my own ceramic pot fountain, but in addition to making me feel like a creative fraud I'm not sure a high-end ceramic pot fits into my budget. I've decided to dig a hole, install a 5 gallon bucket as a reservoir, line it with thick plastic, place a sturdy screen on top, pile up a few rocks, and finish it off with a boulder already in my yard. I will attempt to drill a hole into the boulder for the tube...I haven't decided what kind of tip to use but I may just hide it under a pile of rocks to complete the natural look.

Inspiration pics:

Ooh, if I could find a dish large enough I think I'd go for this look:

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About Me

I live in Old Towne Orange with my husband, Matt. After a few frantic years, my life has slowed down to a reasonable pace--I spend evenings and weekends cooking, working on projects with my husband, playing with my two dogs, reading, and going to the gym. Yup.